Taking stock of SOX

The 2002 Sarbanes Oxley (SOX) legislation in the United States created new accounting standards for companies within and outside the US who are listed on US stock exchanges. The law requires companies to disclose in their financial reports any material weaknesses in their financial reporting systems. Chief executives and chief financial officers must certify that the reports are accurate. Companies must not only audit their financial statements, but also audit the internal systems and proced